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EXAM FX INSURANCE (LIFE AND HEALTH/GENERAL) TETS COMPILATION BUNDLE
EXAM FX INSURANCE (LIFE AND HEALTH/GENERAL) TETS COMPILATION BUNDLE
[Montrer plus]EXAM FX INSURANCE (LIFE AND HEALTH/GENERAL) TETS COMPILATION BUNDLE
[Montrer plus]What two elements are necessary to a life insurance contract to have a legal purpose? correct answer: 1. Insurable Interest 
2. Consent 
 
Insurance is a contract that protects the insured from what? correct answer: Loss 
 
What Type of Risk is Insurable? correct answer: Pure 
 
What is the term ...
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Ajouter au panierWhat two elements are necessary to a life insurance contract to have a legal purpose? correct answer: 1. Insurable Interest 
2. Consent 
 
Insurance is a contract that protects the insured from what? correct answer: Loss 
 
What Type of Risk is Insurable? correct answer: Pure 
 
What is the term ...
Owned Autos correct answer: Eligible vehicles titled by the insured or acquired during the policy period 
 
Non Owned Autos correct answer: any private passenger auto, pickup van or trailer operated by or in the custody of the named insured or family member, but are not titled by or furnished for ...
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Ajouter au panierOwned Autos correct answer: Eligible vehicles titled by the insured or acquired during the policy period 
 
Non Owned Autos correct answer: any private passenger auto, pickup van or trailer operated by or in the custody of the named insured or family member, but are not titled by or furnished for ...
Issue the policy anyway and pay the face value to the beneficiary. correct answer: When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. During the underwriting process, the insurance company found no reason to reject the risk or classify it ot...
Aperçu 2 sur 5 pages
Ajouter au panierIssue the policy anyway and pay the face value to the beneficiary. correct answer: When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. During the underwriting process, the insurance company found no reason to reject the risk or classify it ot...
#1 What is another name for an Administrative-Services Only Arrangement correct answer: Third-Party Administrator 
 
#3 Which of the following statements is True concerning the Accidental Death Rider ? correct answer: It will pay double or triple the face amount 
 
# 4 On a disability income polic...
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Ajouter au panier#1 What is another name for an Administrative-Services Only Arrangement correct answer: Third-Party Administrator 
 
#3 Which of the following statements is True concerning the Accidental Death Rider ? correct answer: It will pay double or triple the face amount 
 
# 4 On a disability income polic...
Insurance correct answer: Contract whereby one undertakes to indemnify another against loss, damage, or liabilty arising from a unknown event. 
 
Insurer correct answer: Any person capable of making a contract; subject to restrictions imposed by the CA insurance code. 
 
Speculative risk correct a...
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Ajouter au panierInsurance correct answer: Contract whereby one undertakes to indemnify another against loss, damage, or liabilty arising from a unknown event. 
 
Insurer correct answer: Any person capable of making a contract; subject to restrictions imposed by the CA insurance code. 
 
Speculative risk correct a...
When must the policy summary for a life insurance policy be delivered to the policy owner? correct answer: At the time of policy delivery 
 
People who are more likely to submit insurance claims are seeking insurance more often than preferred risks. correct answer: What is Adverse Selection? 
 
Co...
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Ajouter au panierWhen must the policy summary for a life insurance policy be delivered to the policy owner? correct answer: At the time of policy delivery 
 
People who are more likely to submit insurance claims are seeking insurance more often than preferred risks. correct answer: What is Adverse Selection? 
 
Co...
Agent/Producer correct answer: a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer 
 
Applicants (or proposed insured) correct answer: a person applying for insurance 
 
Broker correct answer: an ...
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Ajouter au panierAgent/Producer correct answer: a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer 
 
Applicants (or proposed insured) correct answer: a person applying for insurance 
 
Broker correct answer: an ...
An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. If the policy is issued, what would be the policy's effective date? correct answer: The date of medical exam; 
 
If ...
Aperçu 2 sur 14 pages
Ajouter au panierAn individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant had to submit to a medical exam. If the policy is issued, what would be the policy's effective date? correct answer: The date of medical exam; 
 
If ...
Agent/Producer correct answer: a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer 
 
Applicant correct answer: or purposed insured- a person applying for insurance 
 
Broker correct answer: an in...
Aperçu 2 sur 14 pages
Ajouter au panierAgent/Producer correct answer: a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer 
 
Applicant correct answer: or purposed insured- a person applying for insurance 
 
Broker correct answer: an in...
Which of the following would be an example of unfair trade practice of sliding? correct answer: an agent is falsely leading an applicant to believe an additional coverage is required by law. 
 
Which of the following would make a child over the age of 5 ineligible for Florida healthy kids coverage?...
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Ajouter au panierWhich of the following would be an example of unfair trade practice of sliding? correct answer: an agent is falsely leading an applicant to believe an additional coverage is required by law. 
 
Which of the following would make a child over the age of 5 ineligible for Florida healthy kids coverage?...
In the event of a loss after your notice of claim is made To the provider who is responsible claims form parties. correct answer: Insurer to the insured 
 
What is the purpose of coinsurance provisions? correct answer: To help the insurance company overutilazation to the policy. 
 
Under the manda...
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Ajouter au panierIn the event of a loss after your notice of claim is made To the provider who is responsible claims form parties. correct answer: Insurer to the insured 
 
What is the purpose of coinsurance provisions? correct answer: To help the insurance company overutilazation to the policy. 
 
Under the manda...
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What is insurance? correct answer: Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. 
 
What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. 
...
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Ajouter au panierWhat is insurance? correct answer: Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. 
 
What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. 
...
Insurance correct answer: transfers the risk of loss from an individual or business entity to an insurance company 
 
Person (in the law) correct answer: a legal entity which acts on behalf of itself, accepting legal & civil responsibility for the actions it performs and contracts in its own name ...
Aperçu 2 sur 7 pages
Ajouter au panierInsurance correct answer: transfers the risk of loss from an individual or business entity to an insurance company 
 
Person (in the law) correct answer: a legal entity which acts on behalf of itself, accepting legal & civil responsibility for the actions it performs and contracts in its own name ...
What is the main purpose of the Seven-pay Test? correct answer: It determines if the insurance policy is an MEC. 
 
Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? correct answer: Third-pa...
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Ajouter au panierWhat is the main purpose of the Seven-pay Test? correct answer: It determines if the insurance policy is an MEC. 
 
Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? correct answer: Third-pa...
which policy component decrease in decreasing term insurance? correct answer: face amount 
 
Your client plans to retire at age 50. he would like to purchase an annuity that would provide income from the time he retires to the age when social security and other pension funds become available. What ...
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Ajouter au panierwhich policy component decrease in decreasing term insurance? correct answer: face amount 
 
Your client plans to retire at age 50. he would like to purchase an annuity that would provide income from the time he retires to the age when social security and other pension funds become available. What ...
if an applicant does not receive his or her insurance policy who is at fault correct answer: the agent 
 
what do limited health policies cover correct answer: a specified accident of disease 
 
which type of insurance is based on mutual agreements among subscribers correct answer: reciprocal ins...
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Ajouter au panierif an applicant does not receive his or her insurance policy who is at fault correct answer: the agent 
 
what do limited health policies cover correct answer: a specified accident of disease 
 
which type of insurance is based on mutual agreements among subscribers correct answer: reciprocal ins...
Attained Age correct answer: the insured age at the time the policy is issues or renewed 
 
cash value correct answer: a policy's savings element or living benefit 
 
face amount correct answer: the amount of benefit stated in the life insurance policy 
 
fixed life insurance correct answer: co...
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Ajouter au panierAttained Age correct answer: the insured age at the time the policy is issues or renewed 
 
cash value correct answer: a policy's savings element or living benefit 
 
face amount correct answer: the amount of benefit stated in the life insurance policy 
 
fixed life insurance correct answer: co...
Ray has an individual major medical policy that requires a coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arranngement would be best for Ray? correct answer: 50/50 
 
Which two terms are associated directly with the way an...
Aperçu 2 sur 11 pages
Ajouter au panierRay has an individual major medical policy that requires a coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arranngement would be best for Ray? correct answer: 50/50 
 
Which two terms are associated directly with the way an...
Exam FX LIFE INSURANCE QUESTIONS WITH COMPLETE SOLUTIONS
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Ajouter au panierExam FX LIFE INSURANCE QUESTIONS WITH COMPLETE SOLUTIONS
survivor protection - provides necessary funds for survivors to maintain their current lifestyle 
 
estate creation - is created by the purchase of life insurance 
 
cash accumulation - whole life policies 
 
liqudity - policies cash values can be borrowed against at any time 
 
estate conversion - ...
Aperçu 1 sur 4 pages
Ajouter au paniersurvivor protection - provides necessary funds for survivors to maintain their current lifestyle 
 
estate creation - is created by the purchase of life insurance 
 
cash accumulation - whole life policies 
 
liqudity - policies cash values can be borrowed against at any time 
 
estate conversion - ...
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An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term? correct answer: The insured may renew the policy for another 10 years, but at a higher premium rate. 
 
Which of the following statements is TRUE concerni...
Aperçu 2 sur 11 pages
Ajouter au panierAn insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term? correct answer: The insured may renew the policy for another 10 years, but at a higher premium rate. 
 
Which of the following statements is TRUE concerni...
What is insurance correct answer: the legal agreement ,or contract, whereby the two parties involved agree to the limits of the indemnification, the circumstances under which it will occur and what things of value( consideration) will be exchanged by the parties to the contract. 
 
What is the defi...
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Ajouter au panierWhat is insurance correct answer: the legal agreement ,or contract, whereby the two parties involved agree to the limits of the indemnification, the circumstances under which it will occur and what things of value( consideration) will be exchanged by the parties to the contract. 
 
What is the defi...
What type of health insurance would pay for hiring a replacement for an important employee who becomes disabled? correct answer: Key-person disability insurance 
 
What are the three types of basic medical expense insurance? correct answer: Hospital, surgical and medical 
 
What are the two types ...
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Ajouter au panierWhat type of health insurance would pay for hiring a replacement for an important employee who becomes disabled? correct answer: Key-person disability insurance 
 
What are the three types of basic medical expense insurance? correct answer: Hospital, surgical and medical 
 
What are the two types ...
All of the following are optional endorsements that may be added to the standard equipment breakdown coverage form EXCEPT correct answer: Debris removal 
 
An insured was judged at fault in an automobile accident. He has the 100/300 bodily injury liability coverage. Three other individuals were inj...
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Ajouter au panierAll of the following are optional endorsements that may be added to the standard equipment breakdown coverage form EXCEPT correct answer: Debris removal 
 
An insured was judged at fault in an automobile accident. He has the 100/300 bodily injury liability coverage. Three other individuals were inj...
which of the following would NOT be considered limited coverage policy? 
a. accident-only insurance 
b. travel policy 
c. major medical expense insurance 
d. special risk policy correct answer: c. major medical exoense insurance 
 
limited policies cover only expense incurred from specific diseases...
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Ajouter au panierwhich of the following would NOT be considered limited coverage policy? 
a. accident-only insurance 
b. travel policy 
c. major medical expense insurance 
d. special risk policy correct answer: c. major medical exoense insurance 
 
limited policies cover only expense incurred from specific diseases...
A husband and wife are insured under group health insurance plans at their own places of employment, and as dependents under their spouse's coverage. If one of them incurs hospital expenses, how will those expenses likely be paid? correct answer: The benefits will be coordinated 
 
Which of the fo...
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Ajouter au panierA husband and wife are insured under group health insurance plans at their own places of employment, and as dependents under their spouse's coverage. If one of them incurs hospital expenses, how will those expenses likely be paid? correct answer: The benefits will be coordinated 
 
Which of the fo...
insurance correct answer: transfers risk of loss from an individual or business to entity to an insurance company, spreads cause of unexpected losses to many individuals 
 
Insurance transactions correct answer: -solicitation 
-negotiations 
-sale (effectuation of a contract of insurance) 
-Advis...
Aperçu 2 sur 12 pages
Ajouter au panierinsurance correct answer: transfers risk of loss from an individual or business to entity to an insurance company, spreads cause of unexpected losses to many individuals 
 
Insurance transactions correct answer: -solicitation 
-negotiations 
-sale (effectuation of a contract of insurance) 
-Advis...
Regarding a PPO, which of the following is correct when selecting a primary care physician? 
A The insured may choose medical providers not found on the preferred list and still retain coverage. 
B The insured is allowed to receive care from any provider, but if the insured selects a PPO provider, t...
Aperçu 2 sur 5 pages
Ajouter au panierRegarding a PPO, which of the following is correct when selecting a primary care physician? 
A The insured may choose medical providers not found on the preferred list and still retain coverage. 
B The insured is allowed to receive care from any provider, but if the insured selects a PPO provider, t...
Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement? 
term 
permanent...
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Ajouter au panierPartners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement? 
term 
permanent...
What law protects consumers from the circulation of inaccurate or obsolete information? correct answer: The Fair Credit Reporting Act 
 
What do individuals use to transfer their risk of loss to a larger group? correct answer: Insurance 
 
What term describes the fee a person pays an insurance com...
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Ajouter au panierWhat law protects consumers from the circulation of inaccurate or obsolete information? correct answer: The Fair Credit Reporting Act 
 
What do individuals use to transfer their risk of loss to a larger group? correct answer: Insurance 
 
What term describes the fee a person pays an insurance com...
A portfolio manager purchases a bond on a yield-to-call basis. The bond was trading at correct answer: a premium 
 
What activity can an investment company perform without shareholder vote correct answer: appointment of officers of the investment company 
 
Which of the following ar issued with a ...
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Ajouter au panierA portfolio manager purchases a bond on a yield-to-call basis. The bond was trading at correct answer: a premium 
 
What activity can an investment company perform without shareholder vote correct answer: appointment of officers of the investment company 
 
Which of the following ar issued with a ...
Which of the following is NOT true regarding the annuitant? 
a)The annuitant receives the annuity benefits. 
b)The annuitant must be a natural person. 
c)The annuitant cannot be the same person as the annuity owner. 
d)The annuitant's life expectancy is taken into consideration for the annuity. cor...
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Ajouter au panierWhich of the following is NOT true regarding the annuitant? 
a)The annuitant receives the annuity benefits. 
b)The annuitant must be a natural person. 
c)The annuitant cannot be the same person as the annuity owner. 
d)The annuitant's life expectancy is taken into consideration for the annuity. cor...
Insurance correct answer: protects from loss; transfer of risk 
 
Risk correct answer: uncertainty or chance of loss occurring 
 
Pure risk correct answer: can only result in loss and no gain; what insurance companies are willing to accept 
 
Speculative risk correct answer: opportunity for eith...
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Ajouter au panierInsurance correct answer: protects from loss; transfer of risk 
 
Risk correct answer: uncertainty or chance of loss occurring 
 
Pure risk correct answer: can only result in loss and no gain; what insurance companies are willing to accept 
 
Speculative risk correct answer: opportunity for eith...
A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? 
 
A.) "Own occupation" - less restrictive than other definitions 
B.) "Any occupation" - less restrictive than other definitions 
C...
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Ajouter au panierA brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? 
 
A.) "Own occupation" - less restrictive than other definitions 
B.) "Any occupation" - less restrictive than other definitions 
C...
A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? 
 
A.) "Own occupation" - less restrictive than other definitions 
B.) "Any occupation" - less restrictive than other definitions 
C...
Aperçu 4 sur 44 pages
Ajouter au panierA brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? 
 
A.) "Own occupation" - less restrictive than other definitions 
B.) "Any occupation" - less restrictive than other definitions 
C...
Which of the following best describes what the annuity period is? correct answer: The period of time during which accumulated money is converted into income payments 
 
The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had an income for life aft...
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Ajouter au panierWhich of the following best describes what the annuity period is? correct answer: The period of time during which accumulated money is converted into income payments 
 
The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had an income for life aft...
What type of life insurance policy provides permanent protection? correct answer: Whole life 
 
What type of annuity requires an agent to have a securities license? correct answer: Variable annuity 
 
Whole life insurance policies mature when the insured reaches the age of 100. If the owner of a w...
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Ajouter au panierWhat type of life insurance policy provides permanent protection? correct answer: Whole life 
 
What type of annuity requires an agent to have a securities license? correct answer: Variable annuity 
 
Whole life insurance policies mature when the insured reaches the age of 100. If the owner of a w...
What are the four elements of an insurance contract? correct answer: Agreement (offer and acceptance), consideration, competent parties, and legal purpose 
 
If an applicant for a life insurance policy and the potential insured are two different people, what would be the underwriter's main concern...
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Ajouter au panierWhat are the four elements of an insurance contract? correct answer: Agreement (offer and acceptance), consideration, competent parties, and legal purpose 
 
If an applicant for a life insurance policy and the potential insured are two different people, what would be the underwriter's main concern...
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the transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses? correct answer: Subrogation 
 
the purpose of managed care health insurance is to correct answer: control health insurance claims expenses 
 
a man works for compan...
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Ajouter au panierthe transfer of an insured's right to seek damages from a negligent party to the insurer is found in which of the following clauses? correct answer: Subrogation 
 
the purpose of managed care health insurance is to correct answer: control health insurance claims expenses 
 
a man works for compan...
What are the three main instances when insurable interes exists in life insurance? correct answer: -Insuring your own life 
-the life of a family member 
-or the life of a business partner or someone who has a financial obligation to the policyowner 
 
What document describes the specific authority...
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Ajouter au panierWhat are the three main instances when insurable interes exists in life insurance? correct answer: -Insuring your own life 
-the life of a family member 
-or the life of a business partner or someone who has a financial obligation to the policyowner 
 
What document describes the specific authority...
An IRA uses immediate annuity to pay out benefits; the IRA Owner is nearly 75 years old when he decides to collect distributions. What kind of penalty with the IRA owner pay? correct answer: 50% tax on the amount not distributed as required. 
(When immediate annuity's are used to pay IRA benefits,...
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Ajouter au panierAn IRA uses immediate annuity to pay out benefits; the IRA Owner is nearly 75 years old when he decides to collect distributions. What kind of penalty with the IRA owner pay? correct answer: 50% tax on the amount not distributed as required. 
(When immediate annuity's are used to pay IRA benefits,...
medical expense insurance correct answer: provide benefits for the cost of medical care that results from 3 basic coverages (hosp, surg, medical). 
 
hosp, surg, and medical insurance is refered to as what? correct answer: first dollar coverage because they usually do not require the insured to pa...
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Ajouter au paniermedical expense insurance correct answer: provide benefits for the cost of medical care that results from 3 basic coverages (hosp, surg, medical). 
 
hosp, surg, and medical insurance is refered to as what? correct answer: first dollar coverage because they usually do not require the insured to pa...
The reduction of premium option uses dividend to reduce 
-this years premium 
-the previous years premium 
-the premium of any other policy owned by the policy owner 
-next years premium correct answer: next years premium 
 
reduction of premium option always reduces the next years premium 
 
An em...
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Ajouter au panierThe reduction of premium option uses dividend to reduce 
-this years premium 
-the previous years premium 
-the premium of any other policy owned by the policy owner 
-next years premium correct answer: next years premium 
 
reduction of premium option always reduces the next years premium 
 
An em...
Basic Hospital Expense Coverage correct answer: Surgeon's fees are NOT covered under... 
 
Hospital expense policies correct answer: ... cover hospital room and board, and miscellaneous hospital expenses, such as lab and x-ray charges, medicines, use of operating room and supplies, while the insu...
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Ajouter au panierBasic Hospital Expense Coverage correct answer: Surgeon's fees are NOT covered under... 
 
Hospital expense policies correct answer: ... cover hospital room and board, and miscellaneous hospital expenses, such as lab and x-ray charges, medicines, use of operating room and supplies, while the insu...
All of the following describe indirect losses EXCEPT: 
a. The cost of a rental car while a covered auto is in the body shop 
b.The cost of eating at restaurants while a fire damaged kitchen is repaired 
c. Replacing shingles on a roof destroyed by a covered loss 
d. Hotel bills while a smoke damaged...
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Ajouter au panierAll of the following describe indirect losses EXCEPT: 
a. The cost of a rental car while a covered auto is in the body shop 
b.The cost of eating at restaurants while a fire damaged kitchen is repaired 
c. Replacing shingles on a roof destroyed by a covered loss 
d. Hotel bills while a smoke damaged...
build up correct answer: accumulate 
 
the insured's age at the time the policy is renewed or replaced correct answer: attained age 
 
a policy's savings element or living benefit correct answer: cash value 
 
witheld or postponed until a specified time or event in the future correct answer: d...
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Ajouter au panierbuild up correct answer: accumulate 
 
the insured's age at the time the policy is renewed or replaced correct answer: attained age 
 
a policy's savings element or living benefit correct answer: cash value 
 
witheld or postponed until a specified time or event in the future correct answer: d...
A business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the loan. Which provision makes this possible? c...
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Ajouter au panierA business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the loan. Which provision makes this possible? c...
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What is the term for how frequent a policyowner is required to pay the policy premium? correct answer: Mode 
 
Which of the following statements is true about a policy assignment? correct answer: It transfers rights of ownership from owner to another person 
 
During partial withdrawal from a univ...
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Ajouter au panierWhat is the term for how frequent a policyowner is required to pay the policy premium? correct answer: Mode 
 
Which of the following statements is true about a policy assignment? correct answer: It transfers rights of ownership from owner to another person 
 
During partial withdrawal from a univ...
The entire contract includes all of the following EXCEPT... correct answer: A buyer's guide 
 
All of the following statements about indexed whole life insurance EXCEPT... correct answer: The death benefit is not increased 
 
What guarantees that the information explained in the insurance contrac...
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Ajouter au panierThe entire contract includes all of the following EXCEPT... correct answer: A buyer's guide 
 
All of the following statements about indexed whole life insurance EXCEPT... correct answer: The death benefit is not increased 
 
What guarantees that the information explained in the insurance contrac...
What nonforfeiture option is automatically selected by the company if not chosen by the policyowner? correct answer: Extended term 
 
Is the beneficiary required to have insurable interest in the insured? correct answer: No. beneficiaries do not have insurable interest in the insured 
 
What divid...
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Ajouter au panierWhat nonforfeiture option is automatically selected by the company if not chosen by the policyowner? correct answer: Extended term 
 
Is the beneficiary required to have insurable interest in the insured? correct answer: No. beneficiaries do not have insurable interest in the insured 
 
What divid...
Government sponsored programs for social insurance correct answer: medicare, medicaid, and social security 
 
Medicare correct answer: is a federal medical expense insurance program for people age 65 and older (even while still employed). 
 
who is available to receive medicare correct answer: an...
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Ajouter au panierGovernment sponsored programs for social insurance correct answer: medicare, medicaid, and social security 
 
Medicare correct answer: is a federal medical expense insurance program for people age 65 and older (even while still employed). 
 
who is available to receive medicare correct answer: an...
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Can a group that is formed the sole purpose of obtaining group insurance qualify for group coverage? correct answer: No, the group must be formed for a purpose other than obtaining group insurance 
 
As it pertains to group health insurance, COBRA stipulates that correct answer: Group coverage mus...
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Ajouter au panierCan a group that is formed the sole purpose of obtaining group insurance qualify for group coverage? correct answer: No, the group must be formed for a purpose other than obtaining group insurance 
 
As it pertains to group health insurance, COBRA stipulates that correct answer: Group coverage mus...
Insurance correct answer: A social device for transferring risks and funds known as the premium. The insured becomes part of a group. The funds from all the insured's are accumulated for future losses. 
 
Insurer = ? correct answer: Principal 
 
Pure Risk correct answer: Only chance of loss - in...
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Ajouter au panierInsurance correct answer: A social device for transferring risks and funds known as the premium. The insured becomes part of a group. The funds from all the insured's are accumulated for future losses. 
 
Insurer = ? correct answer: Principal 
 
Pure Risk correct answer: Only chance of loss - in...
An insured purchased a variable life insurance policy with a face amount of $50,000. Over the life of the policy, stock performance declined and the cash value fell to $10,000. If the insured dies, how much will be paid out? correct answer: $50,000 
 
Which of the following documents must be provid...
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Ajouter au panierAn insured purchased a variable life insurance policy with a face amount of $50,000. Over the life of the policy, stock performance declined and the cash value fell to $10,000. If the insured dies, how much will be paid out? correct answer: $50,000 
 
Which of the following documents must be provid...
The main difference between an HO-4 and HO-6 is? 
 
A: HO-6 does not cover additional living expenses 
B: HO-4 provides limited dwelling coverage as well as contents coverage 
C: HO-6 provides limited dwelling coverage as well as contents coverage 
D: HO-4 does not cover additional living expenses c...
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Ajouter au panierThe main difference between an HO-4 and HO-6 is? 
 
A: HO-6 does not cover additional living expenses 
B: HO-4 provides limited dwelling coverage as well as contents coverage 
C: HO-6 provides limited dwelling coverage as well as contents coverage 
D: HO-4 does not cover additional living expenses c...
What kind of policy issues certificates of insurance to insureds? correct answer: Group insurance 
 
(Individuals covered by group life insurance do not receive a policy, but receive a certificate of insurance from the master policy.) 
 
An applicant wants to buy a life insurance policy in which he...
Aperçu 4 sur 34 pages
Ajouter au panierWhat kind of policy issues certificates of insurance to insureds? correct answer: Group insurance 
 
(Individuals covered by group life insurance do not receive a policy, but receive a certificate of insurance from the master policy.) 
 
An applicant wants to buy a life insurance policy in which he...
What is the maximum amount of SIPC coverage available to each separate customer? correct answer: $500,000 including up to $250,000 in cash 
 
If a customer purchases securities and does not settle the account 4 business days, what should the brokerage firm do first? correct answer: Ask for an exte...
Aperçu 4 sur 44 pages
Ajouter au panierWhat is the maximum amount of SIPC coverage available to each separate customer? correct answer: $500,000 including up to $250,000 in cash 
 
If a customer purchases securities and does not settle the account 4 business days, what should the brokerage firm do first? correct answer: Ask for an exte...
The Louisiana insurance Guaranty Association Board of Directors are placed in office by correct answer: election and appointment 
 
States with monopolistic state workers compensation funds correct answer: Do not allow private insurers to be licensed to write workers compensation coverage 
 
This ...
Aperçu 2 sur 14 pages
Ajouter au panierThe Louisiana insurance Guaranty Association Board of Directors are placed in office by correct answer: election and appointment 
 
States with monopolistic state workers compensation funds correct answer: Do not allow private insurers to be licensed to write workers compensation coverage 
 
This ...
Which is NOT true regarding the needs approach method of determining the value of an individuals life? correct answer: Need is predicted using the number of years until the insured's retirement 
 
Under the Physical Exam and Autopsy provision, how many times can an insurer have the insured examine...
Aperçu 2 sur 12 pages
Ajouter au panierWhich is NOT true regarding the needs approach method of determining the value of an individuals life? correct answer: Need is predicted using the number of years until the insured's retirement 
 
Under the Physical Exam and Autopsy provision, how many times can an insurer have the insured examine...
A specified period of time that a person joining a group has to wait before becoming eligible for coverage. correct answer: Probationary Period 
 
Employees that are covered under a MET have no correct answer: conversion rights when they leave a trust 
 
Pregnancy is ________ a pre-existing condit...
Aperçu 2 sur 6 pages
Ajouter au panierA specified period of time that a person joining a group has to wait before becoming eligible for coverage. correct answer: Probationary Period 
 
Employees that are covered under a MET have no correct answer: conversion rights when they leave a trust 
 
Pregnancy is ________ a pre-existing condit...
Who is entitled to the cash values in a life insurance policy? correct answer: the policyowner 
 
What type of whole life insurance policy generates immediate cash value? correct answer: single premium whole life 
 
What are the death benefit options in Universal Life policies? correct answer: Op...
Aperçu 3 sur 20 pages
Ajouter au panierWho is entitled to the cash values in a life insurance policy? correct answer: the policyowner 
 
What type of whole life insurance policy generates immediate cash value? correct answer: single premium whole life 
 
What are the death benefit options in Universal Life policies? correct answer: Op...
Build up correct answer: Accumulate 
 
The insured's age at the time the policy is renewed or replaced correct answer: Attained age 
 
A policy's savings element or living benefit correct answer: Cash Value 
 
Withheld or Postponed until a specified time or event in the future correct answer: ...
Aperçu 2 sur 10 pages
Ajouter au panierBuild up correct answer: Accumulate 
 
The insured's age at the time the policy is renewed or replaced correct answer: Attained age 
 
A policy's savings element or living benefit correct answer: Cash Value 
 
Withheld or Postponed until a specified time or event in the future correct answer: ...
What is the main purpose of the Seven-pay Test? 
A. It guarantees the minimum interest 
B. It determines if the insurance policy is a MEC 
C. It requires level premium payments for 7 years. 
D. It ensures that the policy benefits are paid out in 7 years correct answer: C. It requires level premium ...
Aperçu 4 sur 52 pages
Ajouter au panierWhat is the main purpose of the Seven-pay Test? 
A. It guarantees the minimum interest 
B. It determines if the insurance policy is a MEC 
C. It requires level premium payments for 7 years. 
D. It ensures that the policy benefits are paid out in 7 years correct answer: C. It requires level premium ...
a life insurance policy that provides coverage to every family member in a single policy, with permanent insurance on the breadwinner and convertible term on other family members is called correct answer: family policy 
 
a whole life policy is surrendered for a reduced-paid up policy. the cash va...
Aperçu 2 sur 13 pages
Ajouter au paniera life insurance policy that provides coverage to every family member in a single policy, with permanent insurance on the breadwinner and convertible term on other family members is called correct answer: family policy 
 
a whole life policy is surrendered for a reduced-paid up policy. the cash va...
Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? 
a) Those who have worked in the company for at least 3 years 
b) Those who have dependents 
c) Those who have no history of claims 
...
Aperçu 2 sur 9 pages
Ajouter au panierWhich of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? 
a) Those who have worked in the company for at least 3 years 
b) Those who have dependents 
c) Those who have no history of claims 
...
A return of premium life policy is written as what type of term coverage? correct answer: Increasing 
 
What are the two types of Flexible Spending Accounts? correct answer: Health Care and Dependent Care 
 
Taxation of LTC insurance... correct answer: excessive benefits may be taxable 
 
Nonforf...
Aperçu 3 sur 16 pages
Ajouter au panierA return of premium life policy is written as what type of term coverage? correct answer: Increasing 
 
What are the two types of Flexible Spending Accounts? correct answer: Health Care and Dependent Care 
 
Taxation of LTC insurance... correct answer: excessive benefits may be taxable 
 
Nonforf...
Beneficiary correct answer: The person who receives the benefits from the policy of insurance. 
 
Insurance correct answer: Transfers risk of loss from an individual or business entity to an insurance company. Which in turn spreads the costs of unexpected losses to many individuals. 
 
Agent/Produ...
Aperçu 3 sur 18 pages
Ajouter au panierBeneficiary correct answer: The person who receives the benefits from the policy of insurance. 
 
Insurance correct answer: Transfers risk of loss from an individual or business entity to an insurance company. Which in turn spreads the costs of unexpected losses to many individuals. 
 
Agent/Produ...
If an individual willfully violates provisions of the Fair Credit Reporting Act, what is the max civil penalty correct answer: 2500 
 
An insurer must notify in writing that an investigative consumer report has been requested, within how many days of the initial request? correct answer: 3 days 
 
...
Aperçu 2 sur 5 pages
Ajouter au panierIf an individual willfully violates provisions of the Fair Credit Reporting Act, what is the max civil penalty correct answer: 2500 
 
An insurer must notify in writing that an investigative consumer report has been requested, within how many days of the initial request? correct answer: 3 days 
 
...
In the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 
1. Zero 
2. One 
3. Two 
4. Three correct answer: one 
 
In a per...
Aperçu 3 sur 23 pages
Ajouter au panierIn the last 72 hours, there were 3 instances of volcanic eruptions that damaged a property covered by a dwelling policy. How many deductibles will the insured have to pay before the policy covers the damages caused by the eruptions? 
1. Zero 
2. One 
3. Two 
4. Three correct answer: one 
 
In a per...
Dividends received on participating life insurance policies are correct answer: ? 
 
Which statement below is INCORRECT regarding the type of term insurance that fits best with the applicant's needs? correct answer: Applicants who may require a larger death benefit in the future should buy conver...
Aperçu 2 sur 6 pages
Ajouter au panierDividends received on participating life insurance policies are correct answer: ? 
 
Which statement below is INCORRECT regarding the type of term insurance that fits best with the applicant's needs? correct answer: Applicants who may require a larger death benefit in the future should buy conver...
COBRA applies to employers with at least correct answer: 20 employees 
 
a licensee violates an insurance regulation. A hearing is held, and the person is found guilty. If this is the person's first offense, the penalty is no more than: correct answer: $5,000 
 
which of the following policies is...
Aperçu 3 sur 16 pages
Ajouter au panierCOBRA applies to employers with at least correct answer: 20 employees 
 
a licensee violates an insurance regulation. A hearing is held, and the person is found guilty. If this is the person's first offense, the penalty is no more than: correct answer: $5,000 
 
which of the following policies is...
Insurance policies ensures that after a loss proceeds will go to the correct answer: Beneficiary 
 
What do individuals use to transfer their risk of loss to a larger group? correct answer: insurance 
 
An individual applies for a life policy. Two years ago he suffered from a head injury from an a...
Aperçu 3 sur 23 pages
Ajouter au panierInsurance policies ensures that after a loss proceeds will go to the correct answer: Beneficiary 
 
What do individuals use to transfer their risk of loss to a larger group? correct answer: insurance 
 
An individual applies for a life policy. Two years ago he suffered from a head injury from an a...
Definition of Wellness 
Definition of Health correct answer: The process of getting to a healthy state. 
The state of being. 
 
What best demonstrates an ecological model of health and wellness? correct answer: If you know your heredity health risk. 
 
What is main purpose of creating a family hea...
Aperçu 2 sur 12 pages
Ajouter au panierDefinition of Wellness 
Definition of Health correct answer: The process of getting to a healthy state. 
The state of being. 
 
What best demonstrates an ecological model of health and wellness? correct answer: If you know your heredity health risk. 
 
What is main purpose of creating a family hea...
In insurance transactions, what does fiduciary responsibility mean? correct answer: Handling insurer funds in a trust capacity. 
 
What type of agent authority is also called "perceived authority"? correct answer: Apparent 
 
After issuing a policy, an insurance company discovers that the policy...
Aperçu 2 sur 5 pages
Ajouter au panierIn insurance transactions, what does fiduciary responsibility mean? correct answer: Handling insurer funds in a trust capacity. 
 
What type of agent authority is also called "perceived authority"? correct answer: Apparent 
 
After issuing a policy, an insurance company discovers that the policy...
An out-of-state producer wants to start selling insurance in this state. What type of license should the producer obtain? correct answer: nonresident 
 
Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner...
Aperçu 2 sur 6 pages
Ajouter au panierAn out-of-state producer wants to start selling insurance in this state. What type of license should the producer obtain? correct answer: nonresident 
 
Within what time period after completing prelicensing education must an applicant file a certificate of education completion with the Commissioner...
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